Author: BEX Staff

By Roland Murphy for ABI Multifamily As a reporter and an analyst, you are always on the lookout for things like riots, fires and mudslides because they’re riveting to report and write about. As someone who actually cares about the areas you cover, you want things to be slow, incremental and even placid. Q3 gave a fair amount of both and, unusually, did it in all the markets we cover. Following is a quick look at many of the happenings we’ve been following. National Rents In major markets across the U.S., rent growth has slowed or retreated slightly. While we…

Source: Associated Builders and Contractors Construction input prices remained unchanged on a monthly basis in October but are down 2.2 percent year-over-year, according to an Associated Builders and Contractors analysis of U.S. Bureau of Labor Statistics’ Producer Price Index data released. Nonresidential construction input prices fell 0.1 percent for the month and are down 2.0 percent compared to the same time last year. Falling energy prices accounted for much of the year-over-year price decline. Among the eight subcategories that decreased, the most significant were in natural gas (-31.8 percent), crude petroleum (-29.8 percent) and unprocessed energy materials (-26.3 percent). Monthly…

Awards & Accolades 1. Gould Evans + Canary was honored with the 2019 AIA Arizona Firm of the Year award. Notable award-winning and current projects include the Salt River-Pima Maricopa Indian Community Justice Center, the reimagining of Arizona State University’s Sun Devil Stadium, The Biodesign Institute A+B at Arizona State University, the City of Phoenix 7th Avenue Streetscape, Maricopa County South Court Tower, the South-Central Transit Oriented Development (TOD) Business Assistance and Land Use Planning Grant (City of Phoenix), and the Phoenix Central Station Transit and Mixed-Use Redevelopment currently in design. 2. AZCREW, the leading organization for senior-level executive women…

Sales Transactions 1. Knightvest Capital purchased Indigo Palms (now Oxford Apartments), a 432-unit, 404K+SF garden style multi-housing community in Phoenix, for $75M. Director Mike Higgins of JLL Capital Markets represented the buyer. JLL’s Capital Markets debt placement team representing the new owner consisted of Senior Director Brad Miner, Senior Managing Director Andy Scott and Director Mark Brandenburg arranged $57.2M in acquisition financing. 2. The Inland Real Estate Group of Companies, Inc. purchased Avilla Victoria, a 225-home Class A neighborhood on 18.6 acres, located at 20450 E. Ocotillo Rd., for $55.5M. NexMetro Communities was the seller. 3. LivCor purchased Solis at…

By Tasha Anderson for AZBEX The latest topic in the BEX Leading Market Series found attendees gathered at SkySong in Scottsdale on Wednesday, November 13th to discuss the current state and future of the Data Center market. After a few words from BEX President, Rebekah Morris on the upcoming Construction Activity Forecast event in January 2020, she dove right in to introduce moderator Kevin Connor, Vice President & Project Executive with SKANSKA, who then welcomed the speakers: Carl Beardsley, Brokerage & Capital Markets, JLL; JD Beatty, Economic Development Project Manager for the City of Mesa Office of Economic Development; and…

ViaWest Group announced it has closed on the acquisition of a 25.91- acre parcel located at the SWC of Elwood St. and Sarival Ave. in Goodyear, for $4.55M. The acquisition is a joint venture with a Philadelphia-based investment company. The land is zoned for industrial use and will be developed into three industrial buildings totaling approximately 410KSF. The Santa Ana, California-based seller was RADOS Properties-Arizona Land, LLC. Allen Lowe, Principal at Lee & Associates, represented both the buyer and the seller in the transaction. “The rapidly expanding Goodyear industrial market is a strategic location for a long-term investment.” said Gary…

Source: Arizona Department of Transportation The deadline is approaching for public comment on a Draft Environmental Assessment on improvements proposed for 11 miles of Interstate 10 between the Interstate 17 “Split” interchange and the Loop 202 Santan Freeway. The Draft Environmental Assessment, which was published on Oct. 4, is available for review at azdot.gov/I10BroadwayCurve. The deadline for comments to be included in the Final Environmental Assessment is Monday, Nov. 18. The Draft Environmental Assessment examines potential environmental impacts associated with the proposed improvements. Members of the public can review the document online or in person – printed copies are available…

By Rebekah L. Sanders for The Arizona Republic The Arizona Diamondbacks want a stadium smaller than Chase Field to provide a more “intimate” experience for fans, surrounded by a major shopping and dining complex that could rival Glendale’s Westgate Entertainment District in size, according to a team wish list obtained by The Arizona Republic. The Diamondbacks’ “expression of interest” proposal is the first public glimpse of the team’s priorities if it leaves or renovates the 21-year-old ballpark in downtown Phoenix. The team last year negotiated the option to leave the stadium early, as soon as the 2022 season, in exchange…

Groundbreakings 1. Roman Catholic Diocese of Phoenix has scheduled a groundbreaking in Cave Creek on Nov. 17. The $18.5M expansion will include classrooms, administrative offices, and community center encompassing 43KSF. The design of the new building was handled by Phoenix Design Group LLC, and the general contractor for the expansion project is Forefront Development LLC. 2. The Phoenix Suns’ head coach Monty Williams, GM James Jones, team owner Robert Sarver, team president Jason Rowley, RED Development managing partner Mike Ebert and Phoenix councilman Sal DiCiccio of District 6 have broken ground on the new Suns Practice Facility. 3. Gila Bend…

By Tasha Anderson for AZBEX A new multifamily residential project is being proposed for the 55-acre Val Vista Square Mixed-Use Development in Gilbert. The property, owned by Gilbert Growth Properties, LLC and located north of the Loop 202 San Tan Freeway on Val Vista Drive, currently houses a 60KSF Veterans Administration Medical Clinic and a 9KSF Unison Bank. In December 2018, The Town of Gilbert’s Planning Commission approved a 20.4KSF ALDI grocery store for the site as well. Now Gilbert Growth Properties, LLC has returned to the town’s November 6th Planning Commission study session with a minor General Plan Amendment…